Terms and Conditions

📋Introduction

Midescrow Ventures Ltd (“we,” “us,” or “our”) provides a secure platform for escrow transactions, virtual card issuance, bill payments, account upgrade processing, and wallet/virtual account services through third-party licensed banks and partners. By using our services, you (“User”) agree to comply with and be bound by these Terms and Conditions.

📖Definitions

• Buyer: A User purchasing a product/service through Midescrow
• Seller: A User selling a product/service through Midescrow
• User: Any Buyer, Seller, or other party using Midescrow
• Transaction: A payment or exchange facilitated via Midescrow
• Escrow Fees: Service fees charged by Midescrow
• Virtual Card: A prepaid online payment card issued to Users
• Merchant: A business accepting virtual cards for payment
• Partner Banks: Includes 9PSB, Safe Haven MFB, and any other financial institution Midescrow integrates with to deliver services
• Wallet/Virtual Account: A financial account issued via Partner Banks
• Services: Escrow processing, wallet creation, bill payments, virtual card issuance, account upgrades, and disbursement services

⚠️Disclaimer of Liability and Use of Third-Party Infrastructure

Bank Integration and Independence

Midescrow offers wallet and virtual account services via third-party banks. These banks operate independently, and Midescrow does not hold customer funds directly.

Limitation of Liability

Midescrow shall not be liable for:

• Any loss of funds caused by service failure, delays, or error on the part of any Partner Bank (including 9PSB or Safe Haven MFB)
• Unauthorized transactions due to User negligence
• Downtime, service disruption, or delays in disbursement due to force majeure, regulatory action, or infrastructure faults

No Warranty

Midescrow does not guarantee:

• Continuous availability of third-party services
• The legality, quality, or delivery of goods/services exchanged in escrow
• Any profitability, performance, or outcome of transactions initiated via our platform

🤝Escrow Services

Fee Structure

Buyers and Sellers are charged a 1.5% non-refundable fee on each transaction.

Transaction Flow & Responsibilities

Midescrow holds funds until transaction conditions are fulfilled. Disputes must be raised via the platform within stated timelines. All Users must act honestly and avoid misrepresentation or fraud.

Dispute Resolution Rules

• Failure to respond to disputes may result in automatic completion or cancellation
• Buyers have 1–7 days to return faulty goods; Sellers have 1–4 days to act after receiving returns
• Midescrow decisions are final where arbitration is required

💼Wallet and Virtual Account Terms

Eligibility & KYC

Wallet services are provided only to KYC-verified Users. Name on wallet account must match User profile.

Restrictions

Users may not use wallets or virtual accounts for:

• FX, crypto, or any CBN-restricted activities
• Money laundering or illegal schemes

Dispute Handling

Chargebacks may be handled by Partner Banks. Midescrow will support investigations but is not financially liable for disputed sums. Users authorize Midescrow and/or Partner Banks to reverse unauthorized funds if required.

💳Virtual Card Terms

Card Use

Cards are non-transferable and valid for online purchases only. All cards are subject to usage limits and card scheme rules.

Fees and Limits

Issuance and maintenance fees apply. Usage is subject to balance availability.

Fraud & Security

Users are responsible for keeping card details safe. Midescrow is not liable for misuse, fraud, or merchant delivery issues.

📱Telecommunications & Bill Payment Services

Midescrow connects Users with third-party providers (e.g., MTN, DStv). Midescrow is not responsible for outages or failed deliveries. Prices and refunds are controlled by the original provider.

🔄Account Upgrades

Users must upload valid and accurate documents. Fraudulent submissions will lead to account suspension. Midescrow may request further verification at any time.

↔️Transfers

Transfer Authorization

Users may initiate transfers from their wallets or virtual accounts to any Nigerian bank account. Midescrow does not restrict the name on the beneficiary account.

User Responsibility

Users are solely responsible for confirming the accuracy of recipient bank details. Midescrow shall not be liable for losses resulting from incorrect account information.

Processing and Settlement

Transfers are processed instantly via partner banks (e.g., 9PSB, Safe Haven MFB). While Midescrow ensures timely initiation, the final settlement lies with the partner bank.

Prohibited Transfers

Transfers for fraudulent, suspicious, or illegal activities (e.g., crypto, terrorism financing) are strictly prohibited and may lead to account suspension or legal action.

Fraud Monitoring

All transfers are monitored for compliance and fraud. Midescrow reserves the right to block or delay any transaction flagged as high risk without prior notice.

🛡️Indemnity

You agree to indemnify and hold Midescrow, its partners, officers, and employees harmless from any loss, liability, or legal costs resulting from your:

• Violation of these terms
• Fraud, chargebacks, or unauthorized activity
• Failure to comply with banking, regulatory, or KYC laws

🔒Data Protection and Privacy

Data Collection

As part of our commitment to secure transactions and regulatory compliance, Midescrow collects certain personal and sensitive user data. This includes, but is not limited to:

• Full name
• Phone number
• Email address
• Bank Verification Number (BVN)
• Date of birth
• Identification documents (e.g., NIN slip, international passport, driver’s license)
• Utility bills or other supporting KYC documents for account upgrade

This information is required to verify user identity, prevent fraud, and comply with Know-Your-Customer (KYC) and Anti-Money Laundering (AML) regulations.

NDPR & Nigeria Data Protection Act Compliance

Midescrow fully complies with the Nigeria Data Protection Regulation (NDPR) and the Nigeria Data Protection Act, 2023. Your personal data is:

• Processed lawfully, fairly, and transparently
• Collected only for legitimate purposes tied to the delivery of our services
• Stored securely and protected against unauthorized access, alteration, disclosure, or destruction
• Retained only for as long as necessary to fulfill regulatory or contractual obligations

Use and Sharing of Data

Your data may be shared with licensed financial partners, payment processors, or identity verification services solely for service delivery and compliance purposes. We do not sell or rent your data to third parties.

User Consent and Rights

By using the Midescrow platform, you consent to the collection and processing of your data as described. You retain the right to:

• Request access to the personal data we hold about you
• Request correction of inaccurate or incomplete data
• Request deletion of your data where legally permissible
• Withdraw your consent (subject to legal or service obligations)

All data-related requests can be submitted to our Data Protection Officer via: support@midescrow.com.ng

Data Breach Protocol

In the unlikely event of a data breach, Midescrow will promptly notify affected users and relevant authorities in accordance with NDPR requirements.

⚖️Governing Law and Dispute Resolution

These Terms are governed by Nigerian law. Any unresolved disputes shall be resolved through arbitration in Lagos, in accordance with the Arbitration and Mediation Act, 2023. Arbitration decisions are binding and final.

🔄Modifications

We reserve the right to amend these Terms at any time. Continued use of Midescrow constitutes acceptance of any such modifications. Users will be notified of changes via email or in-app alerts at least 7 days before they take effect.

📞Contact Us

If you have any questions, requests, or concerns about these Terms and Conditions, please contact: